I own 2 homes and 1 is in foreclosure, can this affect my other property?
Question:
Answer:
The foreclosure on one property does not affect the other mortgage unless you specifically signed a cross-default provisions. If you were do declare bankruptcy, however, that might constitute a default under the other mortgage.
consult an attorney , good luck
No, it shouldn't. The lien on the property is on the house in foreclosure and it's title, not on your other home. You should consult a real estate attorney to make sure the title is correct, though.
no
It will affect your credit, and they may require a list a assets, but they can't foreclose on both homes if you're payments are current on the other. I'm 99% sure of that. When I was doing real estate title examining, slumlords were always having 2 or 3 homes foreclosed on, but never thier own home. Not saying you're one, just giving an example.
Yes if you want to refinance the property that you are keeping it is going to be a huge issue.
Your other property will not be affected (or a lot of us would be in trouble), just your credit if it goes into foreclosure. If your foreclosed property is in Southern California, please contact me and I will go over your options.
Regards
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